Spinnova Finland Innovative Textile Fibre
German sportswear firm Adidas (ADSGn.DE), which is seeking to increase the proportion of sustainable materials it uses in its products, is investing in Finland’s Spinnova, a company that makes textile fibre out of wood or agricultural waste.
Adidas has agreed to subscribe for 3 million euros ($3.65 million) worth of shares in the company’s planned initial public offering, bringing the total investment it has secured to 58 million euros, Spinnova said in a statement.
“We are an ideal match with the ambitious and pioneering Adidas sustainability strategy,” Spinnova CEO and co-founder Janne Poranen said.
Spinnova is building its first commercial factory in Finland with strategic partner and wood raw material supplier Suzano, and is also building a pilot facility for fibre production out of leather waste.
— Read on www.reuters.com/business/sustainable-business/adidas-invests-finnish-textile-recycling-firm-spinnova-2021-06-10/
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